Commentary & Deal Flow

Reoffer: 2yr: 3mE+27bp / 100 3yr: MS+23bp / 99.777 / 3.83% 7yr: MS+55bp / 99.396 / 4.101%
Benchmark: 3yr: DBR 0 15-Aug-29 @ 91.00 / B+51.0bp 7yr: DBR 2.6 15-Aug-33 @ 94.91 / B+65.9bp

Tranche 1 (2yr): Final Books > €1.5bn. Peak book in excess of €1.9bn
Tranche 2 (3yr): Final Books > €1.5bn. Peak book in excess of €1.7bn
Tranche 3 (7yr): Final Books > €1.9bn. Peak book in excess of €2.0bn

Launched:
2yr: €850m @ 3mE+27bp - Orderbook in excess of €1.9bn
3yr: €500m @ MS+23bp - Orderbook in excess of €1.7bn
7yr: €650m @ MS+55bp - Orderbook in excess of €2.0bn
Spread set at: 2yr: 3mE+27bp 3yr: MS+23bp 7yr: MS+55bp
IPTs: 2yr: 3mE+50a 3yr: MS+55a 7yr: MS+85a

• Issuer: L'Oréal S.A. (Ticker: ORFP; Country: FR)
• Issuer LEI: 529900JI1GG6F7RKVI53
• Issuer Ratings: Aa1 (stable) / AA (stable) by Moody's/S&P
• Exp Issue Ratings: Aa1 / AA by Moody's/S&P
• Format: Senior Unsecured, Unsubordinated Reg S (Cat 2) Bearer dematerialized
• Pricing Date: 23-Sep-26
• Settlement Date: 30-Sep-26 (T+5)
• Issue Type:
  • 2yr: 2-Year FRN
  • 3yr: 3-Year Fixed
  • 7yr: 7-Year Fixed
• Maturity Date:
  • 2yr: 30-Sep-28
  • 3yr: 30-Sep-29
  • 7yr: 30-Sep-33
• Issue Size:
  • 2yr: €850m
  • 3yr: €500m
  • 7yr: €650m
• Re-offer:
  • 2yr: 3mE+27bps / 100
  • 3yr: MS+23bps / 99.777 / 3.83%
  • 7yr: MS+55bps / 99.396 / 4.101%
• Benchmark:
  • 3yr: 51.0bps vs DBR 0 15-Aug-29 @ 91.00 / 3.32% (HR: 110%)
  • 7yr: 65.9bps vs DBR 2.6 15-Aug-33 @ 94.91 / 3.442% (HR: 102%)
• Coupon:
  • 2yr: Floating, Quarterly, ACT/360
  • 3yr: 3.75%, Fixed, Annually, ACT/ACT (ICMA)
  • 7yr: 4%, Fixed, Annually, ACT/ACT (ICMA)
• TOE:
  • 2yr: 15:18 UKT
  • 3yr: 15:16 UKT
  • 7yr: 15:13 UKT
• Business Day Convention:
  • 2yr: Modified Following, adjusted
  • 3yr: Following, unadjusted
  • 7yr: Following, unadjusted
• Residual Maturity Par Call:
  • 3yr: 1-month
  • 7yr: 3-month
• Make whole Call:
  • 3yr: Yes (vs Bund) B+10bps
  • 7yr: Yes (vs Bund) B+10bps
• Clean-up Call:
  • 3yr: Yes (75%)
  • 7yr: Yes (75%)
• Documentation: EMTN Programme dated 5-May-26 as supplemented on 22-Sep-26 / French Law / €100k + €100k / Euronext Paris (Regulated Market) / Euroclear France
• ISIN:
  • 2yr: FR001401B5Y0
  • 3yr: FR001401B5Z7
  • 7yr: FR001401B601
• Reference Bund:
  • 3yr: DBR 0 15-Aug-29
  • 7yr: DBR 2.6 15-Aug-33
• Selling Restrictions: As per Base Prospectus
• Use of Proceeds: General Corporate Purposes
• Global Coordinators: BNP Paribas (B&D), HSBC, Société Générale
• Active Bookrunners: Crédit Agricole CIB, Deutsche Bank, ING, Santander, Standard Chartered Bank AG
• Target Market: The manufacturer target market (MiFID II and UK MiFIR product governance as applicable) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (“KID”) or disclosure document required under the FCA Product Disclosure Sourcebook (“DISC”) has been prepared as the Notes are not available to retail in EEA or the United Kingdom
• Advertisement Language: The Base Prospectus and its Supplement along with the Final Terms, when published, will be available on the Autorité des marchés financiers website: https://www.amf-france.org and on the Issuer website: https://www.loreal-finance.com
• FTT: 15:45 UKT